Anglo Asian Mining's profits in Azerbaijan grow to record level

Economy 14 January 2022 11:12 (UTC +04:00)
Anglo Asian Mining's profits in Azerbaijan grow to record level

BAKU, Azerbaijan, Jan. 14

By Sadraddin Aghjayev - Trend:

Anglo Asian Mining in Azerbaijan received a record profit in the fiscal year 2021, Trend reports via the company's summary data.

According to the data, this indicator made up $37.5 million (growth of $6.6 million or 21.35 percent compared to 2020).

Such record indicator was reached due to high prices for metals fixed last year in the country.

In 2021, the company produced over 2.18 million tonnes of ore. In December, the company completed a private placement to acquire 19.9 percent of Copper & Gold Corporation (Libero).

Meanwhile, the company paid dividends worth $5.2 million and $2.2 million to shareholders of Anglo Asian Mining and Libero, respectively.

Anglo Asian Mining PLC is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.

The company's portfolio, formed in accordance with the agreement "On the division of production on the model of the oil industry of Azerbaijan", includes an area of ​​2,844 square kilometers.

Last year, the company also received three additional concessions with a combined area of ​​882 square kilometers, including the Garadagh deposit, with a resource potential of over 300,000 tonnes of copper.

The final Mineral Resource estimation for Zafar deposit [in Gadabay] is scheduled to be released in the first quarter of 2022.

The main area of ​​the company's activity is the Gadabay contract area with an area of ​​about 300 square kilometers in the Lesser Caucasus Mountains in the west of Azerbaijan.


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